Banks in the US prepare for looming cyber-attack

A massive cyber-attack is expected to become unleashed in the coming months and the target could be your bank account. The plan involves dozens of banks. So ABC7 News took a look at what we know and how to protect your money.

Reports have been circulating since October that this particular cyber-attack was in the planning stages. On Thursday McAfee corroborated those reports and says the attack is planned for the spring.

"What we want to do is inform consumers, 'Hey, this attack is coming, just be aware,'" said McAfee vice president Gary Davis.

Santa Clara-based McAfee has been investigating for months and the computer security company says the evidence is clear, hackers are planning to attack your bank account. McAfee has so far detected hundreds of computers infected with sophisticated malware masterminded by someone in Russia.

"When you try and log into a certain financial institution that they're targeting, that's when the malware will activate and what it does is it clones your PC on a server in Russia and once they clone your PC, they try to log into the bank using your credentials," said Davis.

The plan involves funneling money out of banks accounts from some 30 banks, including Wells Fargo, CitiBank and Chase. The hope is that the financial industry's way of dealing with cyber thieves over the years will minimize any loss.